The Senate's passage of a $4 trillion budget blueprint late Thursday was hailed by the GOP and President Donald Trump as paving the way for a badly needed legislative triumph: tax reform with a hoped-for $1.5 trillion tax cut.

Here's what to know following the Senate's vote.

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Is the budget plan done with?

Not just yet. The House has already passed a budget blueprint, but it'll have to vote on the Senate's version, which carries some tweaks. The lower chamber could pass the blueprint as is early as next week since the urgency to move on to tax reform is felt by most of the Republican caucus.

It's possible the Senate and House GOP will need to come to conference to reconcile their bills, but many Republican representatives simply want to pass the budget plan so they can get to tax reform.

What's the goal for tax reform?

The White House, in typically ballyhooed fashion, has signed off on a unified framework for what it would like to see from tax reform. The gist: Simplify the code, and deliver the biggest tax cut in U.S. history to offer relief for the middle class and promote a strong business climate.

The first means cutting the number of tax brackets from seven to three and eliminating most itemized deductions. The latter is the big promise from President Trump, with the framework suggesting to double the standard deduction, majorly cutting taxes for corporations and changing the tax structure for small businesses.

Included in the budget plan passed late Thursday were rules that allow the Senate to pass a tax reform bill with a party line vote as long as it doesn't add more than $1.5 trillion to the deficit, instead of leaving the legislation open to Democratic filibuster. The GOP holds a 52-48 majority in the upper chamber, but that didn't equate to success in a series of Obamacare repeal votes over the summer.

A large point of contention in both chambers will be the impact of the tax bill on the deficit, and Republican lawmakers whose states rely on the deduction for state and local taxes — which are among the deductions set to be cut in the tax framework — may dig their heels in if those breaks don't continue.

What are the stakes?

For Trump, tax reform is the last big chance at a major legislative victory in a year that has been filled with frustrations, whether by unanimous Democratic opposition, party feuds or GOP defections. It was most notable in the Senate's failure to pass a repeal-and-replace bill for Obamacare. Trump earlier this month began the process of dismantling the Affordable Care Act by way of executive order.

For Congress, a loss on tax reform would mark another devastating blow at passing what is thought to be an agenda item with near-total GOP support. The Obamacare failure already has some legislators facing re-election challenges. Congress' approval rating is already in the dirt, and more feet-dragging on tax reform could cause a major shakeup on the Hill next November.